If you have debt, your repayment amount has just gone higher
If you have debt, your repayment amount has just gone higher. This comes after the Reserve Bank on Thursday hiked the repo rate by 25 basis points taking the new base interest rate to 7.25%. This means the prime lending rate -- the rate that banks charge when clients borrow money is now at 10-point 7-5%. Experts are warning that homeowners are likely to feel the pinch from the latest increase in the interest rate. Other economists say the effects of the rate increase on car financing would even be steeper. This has led to concerns that there may be a spike in home and car repossessions as consumers fail to meet their monthly payments. Let's now seek some advice from the National Credit Regulator for some of us who are struggling and suffocating to meet their financial obligations. We spoke to Jimmy Golele, Senior Education and Communications Office rat the National Credit Regulator.
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